Dear shareholder,

we hereby present you the results obtained by SIF Moldova at the end of Q1 2017 and the objectives of the following period, in compliance with “2014 – 2018 Investment Policy Statement" and “2017 Activity Report” approved in the General Meetings of Shareholders.


Portfolio structure

Listed shares portfolio holds the main weight of 76,3% of total managed assets value, while unquited shares represent 11,3%, based on the reorientation of the investment policy in the given market conditions and in compliance with the resolutions of the General Meetings, during which shareholders have been informed about the implementation stage of the multiannual investment strategies and have approved “2017 Activity Program”.
Financial (44,3%) and energy (22,3%) sectors have remained the main sectors in the listed portfolio structure, reported to total assets value. At the same time we have continued the process of reducing the number of participants in the portfolio registering the exit of 3 issuers in the Historic Portfolio and increase of issuer exposure, so as to directly cause positive influences on portfolio performance.


Financial performance

Net profit registered in Q1 2017 is 8,3 mil lei (9% reported to BVC provisions 2017). The net revenue from assets sale is 7,1 mil lei, and real estate investments have amounted to 16,8 mil lei (7% reported to 2017 target). The total value of managed assets has been of de 1.843 mil lei, an increase by 17% in comparison to Q1 2016.




Yours sincerely,
Costel Ceocea, PhD
President and CEO